| HOLD | 15.210 | Charles Dillingham | Apartments, condos, etc. in Ontario. This one has had more diversity of opinions by people who know the business well. He thinks they're okay. They have been buying back stock. Apartments are long-term big winners overall. 7% yield. | 2008-02-14 | |
| HOLD | 15.580 | Gail Mifsud | Their concentration in Ontario has not served them well with the flight of Congo/apartment dwellers to home ownership. | 2008-02-01 | |
| Comment | 14.300 | Dennis Mitchell, CFA | Large apartment buildings, mainly in Toronto and Montreal. Good management. Very cheap at these levels. Acquiring at a very large discount to NAV but will sell when it comes back. Treating it as a trade. | 2008-01-14 | |
| DON'T BUY | 16.030 | Paul Gardner, CFA | Focused exclusively in the greater Toronto area. Vacancy rates, rent controls and condominium competition have created problems. Prefers Boardwalk (BEI.UN-T), which has 50% of their apartments in Alberta. | 2007-12-28 | |
| BUY | 16.900 | Michele Robitaille | (Market Call Minute.) One of the most defensive names in the residential sector. The metrics in the Toronto market are starting to improve. | 2007-11-28 | |
| Comment | 19.390 | Paul Gardner, CFA | A lot of their portfolios are in the greater Toronto area and are still dealing with vacancy rates that are too high so they can’t increase rental rates. | 2007-10-03 | |
| BUY | 17.540 | Dennis Mitchell, CFA | Biggest exposure is to Montreal and Toronto. Starting to see a little bit of rental increase. Still spending $20 million to $40 million a year repositioning properties from a company they acquired a long time ago. In the long-term, this may be one you want to own because they assets are enduring and the locations are core. | 2007-08-16 | |
| WEAK BUY | 18.950 | Charles Dillingham | One of the bigger apartment complexes in REITs. Basically in Toronto with some holdings in Montreal. Very hard for Ontario apartments to keep their spreads. This one has held up its yield. Long-term, it's a good place to be. Concerned about Ontario economy. | 2007-07-23 | |
| Comment | 20.870 | Dennis Mitchell, CFA | Multi-residential. Focused on high-rise properties. Primarily Toronto and Montreal. Ontario rent controls is a problem. Acquisition requires expensive upgrading to their standards. 1st class management team. Fundamentals in TO and Montreal are improving. | 2007-04-03 | |
| TOP PICK | 18.600 | Charles Dillingham | The apartment market in Toronto has been extremely soft. The major concern was whether they could keep their margins. Feels the apartment market is improving. | 2007-01-12 | |
| WATCH | 18.580 | Charles Dillingham | 125% payout and has surprised him how well it has done. Lots of problems. Very likely at some point, it will break a bit, and when it does will be an interesting Buy. The whole “apartment concept” is a good one long-term. | 2006-12-08 | |
| DON'T BUY | 18.580 | Gail Mifsud | Has a “Market Perform” on it. Have had to deal with a strong housing market that pulled people to home ownership. Has hurt occupancy rates. Year to date performance was better than she expected, however, she is expecting a decline in cash flow. Payout ratio is over 100%. | 2006-12-08 | |
| WEAK BUY | 19.140 | Rob Callander | Some of the REITs he likes includes Riocan (REI.UN-T) and Canadian Apartment (CAR.UN-T). The problem is, they are well recognized, and are mature part of the trust market so the yields are fairly low. A lot of the easy money has been made. | 2006-10-23 | |
| BUY | 16.370 | Leslie Lundquist | An apartment landlord. Likes this one. Good management. | 2006-05-17 | |
| WEAK BUY | 15.600 | Charles Dillingham | All of the dynamics of apartment markets have been getting better. This one had investor concerns because of an expensive acquisition a few years ago, but they are working their way through that. This has an older portfolio, so there is a question if they are doing enough at the moment to keep their buildings in good shape. | 2005-12-16 | |
| WATCH | 14.650 | Charles Dillingham | A very interesting story. Good yield. Have a lot of things working for them. Occupancy rate has gone up to 98%. There is some concern that they haven't been doing enough capital expenditures and have had to give up quite a bit of income to get the occupancy. Apartment scene in Toronto looks good. | 2005-10-31 | |
| BUY | 14.900 | Gail Mifsud | Relatively undervalued versus the commercial REIT's. | 2005-01-21 | |
| TOP PICK | 13.950 | Charles Dillingham | Has been beaten down. A contrarian play. Have the advantage of CMHC financing. Gradually cleaning up bits and pieces from the merger. | 2004-10-08 | |
| BUY | 12.630 | Dean Orrico | Loves this part of the market. Totally out of favor at the moment. About to merge with Residential REIT. 9% yield. | 2004-05-26 | |
| DON'T BUY | 13.500 | Ben Cheng | Has been dropping because of rising interest rates on bonds. | 2002-04-16 | |
| BUY | 14.370 | Michael Smedley | Has good distributions. | 2001-12-24 | |
| WEAK BUY | 14.300 | Ben Cheng | Very stable for short term investment. Won't have much capital gain. | 2001-12-03 | |
| BUY | 13.880 | Bill Shaw | Yield is about 6/7%. | 2001-11-02 | |
Experts that have talked about Canadian Apartment Properties
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